church building fund has invested money in two ways part of money at 3% interest and four times as much at 2.75%. find amount invested at each rate if the total annual income from interest is $2800

Question

This is a question on a homework assignment that I can't figure out. I'm not sure how to set up the equation

Answer 1

What is your income from the x dollars that you invested the first way and 4x that you invested the second way?

x(.03) + 4x(.0275) = 2800

x = 20000

4x = 80000

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